๐Ÿ“Š raki research
๐Ÿงญ ๋ฐ˜๋„์ฒด ํ˜ธํ™ฉ โ†’ AI ๊ธฐํŒ (ABF Substrate)18์ข…๋ชฉ

๐Ÿงญ ๋ฐ˜๋„์ฒด ํ˜ธํ™ฉ โ†’ AI ๊ธฐํŒ (ABF Substrate)

horizon 1-3y ยท confidence HIGH ยท last_updated โ€”

L0 ๊ฑฐ์‹œ trend

HBMยทAI chip ํ˜ธํ™ฉ โ†’ ๊ณ ๋Œ€์—ญํญ ๊ธฐํŒ ์ˆ˜์š” ํญ์ฆ

L1 ์‚ฐ์—… ์ž„ํŒฉํŠธ

ABF substrateยท๋ฐ˜๋„์ฒด PCB

L2 ๋ณ‘๋ชฉ (Bottleneck)
  • ABF substrate capacity ๋ถ€์กฑ (Ajinomoto Build-up Film ํ•œ์ •)
  • HBM ํŒจํ‚ค์ง• ๊ธฐํŒ (mainframeยทsocketยทinterposer)
  • ๋™๋ฐ•ยทCCL ๊ณต๊ธ‰
L3 1์ฐจ ์ˆ˜ํ˜œ (Pure-play)
๐Ÿ‡ฐ๐Ÿ‡ท KR
์‹ฌํ… 222800 ๋Œ€๋•์ „์ž 008060 ์ฝ”๋ฆฌ์•„์จํ‚คํŠธ 007810 ํ•ด์„ฑ๋””์—์Šค 195870
๐ŸŒ Global
Ibiden 4062.T Shinko Electric 6967.T Unimicron 3037.TW AT&S ATS.VI
L4 2์ฐจ ์ˆ˜ํ˜œ (Picks & Shovels)
๐Ÿ‡ฐ๐Ÿ‡ท KR
์†”๋ฃจ์Šค์ฒจ๋‹จ์†Œ์žฌ 336370 ์ผ์ง„๋จธํ‹ฐ๋ฆฌ์–ผ์ฆˆ/๋กฏ๋ฐ์—๋„ˆ์ง€๋จธํ‹ฐ๋ฆฌ์–ผ์ฆˆ 020150 SKC 011790 ๋‘์‚ฐํ…Œ์Šค๋‚˜ 131970
๐ŸŒ Global
Ajinomoto 2802.T KLA KLAC
L5 ์ƒํƒœ๊ณ„ (Ecosystem)
๐Ÿ‡ฐ๐Ÿ‡ท KR
ํ•œ๋ฏธ๋ฐ˜๋„์ฒด 042700 SKํ•˜์ด๋‹‰์Šค 000660
๐ŸŒ Global
TSMC 2330.TW SK Square 402340

๐Ÿ“š Sources

  • Ibiden 2025 capex guidance โ€” ABF capacity 2027E +50%
  • ์‹ฌํ… 2024 4Q earnings โ€” ํŒจํ‚ค์ง€ substrate ์ ์œ 
  • TrendForce HBM 2026 outlook

๐Ÿ“ Notes

AI ๊ธฐํŒ์€ HBMยทGPUยทCPO ๋ชจ๋‘์˜ underlying. Ibidenยท์‹ ์ฝ” ๋“ฑ ์ผ๋ณธ leader. ํ•œ๊ตญ์€ ์‹ฌํ…ยท๋Œ€๋•์ „์ž๊ฐ€ ABFยทHBM substrate ์ง„์ž…. ๋™๋ฐ•์€ ์ผ์ง„ยท์†”๋ฃจ์Šค.

๐Ÿ”— ๊ด€๋ จ chain